From its early days, Baosteel has adopted a strategy of allocating 10% of its annual production to exports, focusing on improving product quality, technological advances, customer service and overall market competitiveness.
In the first nine months of 2023, Baosteel produced 39.816 million metric tons of crude steel, up by 5.5% y-o-y. Based on this trend, Baosteel's full-year crude steel output is expected to slightly exceed 50 million metric tons.
Baosteel, part of China Baowu Group, China's largest steelmaker, has set an ambitious long-term target of exporting 10 million metric tons of steel annually. This target reflects Baosteel's confidence in its ability to navigate global market dynamics and capitalize on emerging opportunities.
China's total processed steel exports reached 74.732 million metric tons in January-October 2023, up a remarkable 34.8% y-o-y. Baosteel's strong export performance contributed greatly to China's steel export growth.
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